{"id":837,"date":"2022-06-04T08:00:18","date_gmt":"2022-06-04T12:00:18","guid":{"rendered":"https:\/\/murphybusiness.com\/blog\/?p=837"},"modified":"2025-05-30T01:20:09","modified_gmt":"2025-05-30T05:20:09","slug":"succession-planning-isnt-only-for-estates","status":"publish","type":"post","link":"https:\/\/murphybusiness.com\/blog\/succession-planning-isnt-only-for-estates\/","title":{"rendered":"Succession Planning Isn’t Only for Estates"},"content":{"rendered":"

At some point in time, you\u2019re going to leave your business. Whether you choose to retire and pass the company to a chosen successor or sell it to a new owner, you must consider how you complete the transition of power with minimal disruption. Having a succession plan in place can minimize the negative effects of the transition on your employees and customers.<\/p>\n

Yet, some entrepreneurs skip the topic of succession when putting together their business plans. They may create one as part of their estate plan, but that\u2019s designed to cover them if they retire or unexpectedly stop working for the company.<\/p>\n

What happens if you decide to sell the business?<\/p>\n

You Need a System To Ensure a Smooth Transition of Leadership<\/span><\/h2>\n

Your company\u2019s succession plan details how you will transfer control of the company. In the end, change is inevitable when the business changes hands, but continuity is important for your employees, customers, and business partners.<\/p>\n

\"Business<\/p>\n

What To Include in a Succession Plan<\/span><\/h2>\n

Ultimately, a succession plan provides a strategy for keeping the business running during the transition period when it\u2019s more likely to lose customers or employees. Your succession plan should include the following:<\/p>\n